Law No. (49) of 2012 on adding a rule to Article VII of Law No. (20) of 2012 on adopting the budget for 2012

Law No. (49) of 2012

on adding a provision to Article (7) of Law No. (20) on adoption of the State’s general budget of 2012

The National Transitional Council:

Upon review of:

• The Victory Statement of the 17 February Revolution issued on 22 February 2011;
• The Decree of the Formation of the Interim National Transitional Council and determining its powers;
• The statute and bylaws of the National Transitional Council;
• The Constitutional Declaration issued on 3 August 2011;
• Law of the financial system of the State of Libya and its amendments;
• Law No. (25) of 1955 on petrol;
• Law No. (127) of 1970 on the allocation of some resources to the public reserve;
• Law No. (10) of 1983 on funding and implementing the Great Man-Made River Project and its amendments;
• Law No. (15) of 1986 on the public debt of the Treasury;
• Law No. (18) of 1425 AD [sic] on amending the value of some financial charges pertaining to the funding of the Great Man-Made River Project and equipment to exploit its waters and determining some provisions in that regard;
• Law No. (13) of 1430 AD [sic] on planning;
• Law No. (10) of 2004 on some financial charges pertaining to the funding of the Great Man-Made River Project and equipment to exploit its waters;
• Law No. (12) of 2004 on the stamp tax and its amendment;
• Law No. (1) of 2004 on banks;
• Law No. (2) of 2010 on the adoption of the State’s general budget for Sections: (1), (2), (4) and (5) for 2010 and Section (3) for (2010 – 2011 – 2012);
• Law No. (10) of 2010 on customs;
• Law No. (12) of 2010 on labour relations;
• Law No. (23) of 2010 on commercial activities;
• Law No. (20) on the adoption of the State’s general budget of 2012;
• Based on the proposal of the Cabinet;
• And on what was adopted by the Interim National Transitional Council in its session on Tuesday 05/06/2012.

issued the following law:

Article (1)

A provision shall be added to Article (7) of Law No. (20) of 2012, and it shall read as follows:

The allocations stipulated in Section (4) shall be distributed as per the table attached to this law and proposed by the Ministry of Finance.

Article (2)

This law shall enter into force from its date of issuance and shall be published in the Official Gazette.

Interim National Transitional Council – Libya

Issued in Tripoli

Tuesday 05/06/2012

Table attached to Law No. (49) of 2012

on adding a provision to Article (7) of Law No. 20 on the Adoption of the State’s General Budget of 2012

Section (4)

(Subsidies and price stability)